Sri Lanka shares jump; central bank unveils stimulus after markets close
Posted on May 13th, 2020
Economy
May 13 (Reuters) – Sri Lankan stocks rose on Wednesday, boosted by gains in financials and consumer stocks, while the central bank announced stimulus measures to bolster the tourism-dependant economy during the COVID-19 pandemic after markets closed.
** The benchmark stock index closed up 2.81% at 4367.25, snapping a two-day losing streak.
** Sri Lanka’s central bank said it would provide additional funding under refinance facility or other credit operations for the banking sector, adding it would now permit licensed banks to consider some assets as liquid in computation of the statutory liquid assets ratio.
** The island nation, which is heavily dependent on tourism, has reported 889 confirmed coronavirus cases and nine deaths as of Tuesday.
** Ceylon Cold Stores Plc, which makes soft drinks and ice creams, rose 17% and was the biggest boost on the index, while Ceylinco insurance, down 21%, was the biggest drag.